Buying The Lowest Priced Home in the Neighborhood is the RIGHT MOVE!

By
Real Estate Broker/Owner with Waters Realty of Brevard, LLC BK3064647

On the surface it seems that buying the biggest, most updated home in a neighborhood is the way to go. when shopping for that new home, right?

But is buying the top property in the neighborhood a buyer's top decision?  When it comes to buying a home there are a few things buyers should avoid buying including...

  • the largest house in the neighborhood.
  • the most expensive house in the neighborhood.
  • an over-improved, highly personalized home.
Why would any of these become a "problem?"  I am hesitant to call these factors problems but they should be considered when making home buying decisions. 
 
When it comes to value the largest home's value could potentially be held back by the neighboring homes - especially if they are smaller, older or not maintained as well. 
 
And although a house should not be considered a primary investment most home buyers look at their home as an increasing asset over time.

As for the most improved home in the neighborhood the gamble is the other homes will gain improvements and value.

As  a homeowner you will want to personalize and make some changes.  While these improvements as well as maintenance necessities will add value the most important consideration is they are your choice.  Why pay now for changes that are not necessarily your "style?"
 
More importantly, most homes will  be sold in the future and it will always be easier to sell a home that is not the biggest and highest priced.
 
Ultimately it is the location that can't be changed so I encourage buyers to consider the the mid value and under in a neighborhood when looking at homes. 
 
So why did I discuss the reasons to look at the lower end priced homes in a neighborhood?
 
Because this FLORIDA HOME FOR SALE is the best deal in the 55+ gated community of Pine Creek in Melbourne, Florida!
 
There are presently two active listings in Pine Creek priced at $198,000 and $263,000.  There is one under contract priced at $230,000.

Recent sales (over the past six months) were reported at $263,000. $262,400 and $234,200.

The home listed at $198,000 is located at 3613 Osceola Drive (property under contract is next door listed at $32K more).
 
The 3613 Osceola Drive home is a two bedroom two bath two car garage 2003 built home with 1,335 sq.ft. under air.  Don't let the sq.ft. scare you as the open design and high ceilings give the impression of much more space.   Besides, when one is downsizing is all that extra space really necessary?

This home's location within the community is a big positive because it is close to the club house and community pool (across street about 200 ft away!)   
 
With association fees at $500 a quarter the lawn maintenance and exterior maintenance is included [REVIEW HOA DOCUMENTS TO VERIFY WHAT IS COVERED BY DUES].

If you are looking for a home in a Melbourne, Florida 55+ community consider the reasons noted above and the recent sales... then call me at 321-693-3850.

gwatersc21@aol.com

 

Posted by

Gary L. Waters, is a Florida licensed real estate broker at  Waters Realty of Brevard, LLC, Melbourne, Florida serving Florida's Space Coast including the cities and surrounding communities of Melbourne, Viera, Rockledge, Suntree, Merritt Island, Cocoa Beach and Satellite Beach.

 Call or text me directly at 321-693-3850.

 

 

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Rainmaker
2,103,164
Nina Hollander
RE/MAX Executive | Charlotte, NC - Charlotte, NC
Your Charlotte/Waxhaw/Fort Mill Area Realtor

Excellent advice, Gary. And I'm also always advising my clients not to over-invest in or over-personalize their homes unless they know with total certainty that they won't move for decades.

Nov 02, 2017 11:08 AM #1
Ambassador
3,066,811
Kathy Streib
Room Service Home Staging - Delray Beach, FL
Home Stager - Palm Beach County,FL -561-914-6224

This is good advice, Gary. When we bought homes we always had resale in mind. 

Nov 02, 2017 05:36 PM #2
Rainmaker
3,929,769
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

Good morning Gary.  Great advice for anyone willing to do a little work on a home.

Nov 03, 2017 06:10 AM #3
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2,228,366
Debe Maxwell, CRS
www.AtHomesCharlotte.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
Charlotte Homes for Sale - Charlotte Neighborhoods

Hi Gary! Excellent advice - in fact, one of your points - the highest priced home in the neighborhood - is a point of contention for one of my buyers today! It's tough to overcome that, especially if the market falls. New construction purchases in 2005 - 2007 are the ones that were hit the hardest during the recession because their pricing was already over-the-top!

And, highly personalizing just means you're going to have to make some major changes before you list the home yourself too!

Happy Friday, Gary!

Nov 03, 2017 07:51 AM #4
Rainmaker
1,416,752
Gary L. Waters, Broker Owner, Waters Realty of Brevard, LLC
Waters Realty of Brevard, LLC - Rockledge, FL
... a small office, delivering big service!

Debe Maxwell, CRS - Thanks.  Its a challenge wanting the nicest and then understnading the good and bad that comes with it. Have a great weekend!

Nov 03, 2017 08:59 AM #5
Rainmaker
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Pamela Cendejas
Second Self Virtual Assistance - Kingman, AZ
Second Self Virtual Assistance (928) 692-3235

These are great tips.  Thank you.

Nov 03, 2017 09:34 AM #6
Rainmaker
2,472,858
Laura Cerrano
Feng Shui Manhattan Long Island - Locust Valley, NY
Certified Feng Shui Expert, Speaker & Researcher

In most cases, they tell you to go for the resell value, but happiness in the home is important as well!

Nov 16, 2017 10:33 AM #7
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